Controversial thoughts about modern day risk management in non-financial companies

There seem to be a lot of angry talk about various risk management certifications on the web lately. Most such comments are coming from people who are very ill-informed about how certification, any certification, works in general. As a creater of 2 national risk management certification programs that have been hugely successful in Russia, here are my 5 cents.

First, here are some sobering facts:

almost every country in the world has it’s own national non-financial risk management certification, there are also few pan-eurpean and global ones

all are optional, none are compulsary by law (despite many unethical attempts to limit competition)

most certifications are done by national risk management associations, although some countries have healthy competition offering more than one certification program to local market

regulators, employers are mainly ignorant to non-financial risk management certifications hence one certification program does not have noticable advantage over the other

all certifications are build upon some globally regognised foundation, ISO31000 seems to be a favourite one, my favourite one as well

certification is just an exam with options including self-study, online prep training or face to face prep training (how long the training is irrelevant, since certifications test prior and existing knowledge, training is more like a refresher)

most existing certification programs are useless, because they still focus on conducting risk assessments and treating risk management as a stand-alone independent process, however there are some good ones

there is limited or no quality control or oversight in place.

I give my advice on how to choose the best non-financial risk management certification in this video:

Below is an example of the certification program developed by RISK-ACADEMY — a Russian leader in risk management training, Global Institute for Risk Management Standards and the best risk managers from Russia and the CIS. The program is aligned with the international risk management standards ISO31000:2009 principles and shows numerous examples of how COSO:ERM 2004 is flawed in almost all regards.

It consists of 4 modules:

MODULE I. RISK MANAGEMENT FOUNDATIONS

Definition of risk

History of risk management

International and national standards in risk management

Introduction to finances, project management and process management

Introduction to statistics

Insurance basics

MODULE II. RISK MANAGEMENT IN DECISION MAKING

Tools and techniques to identify risks associated with decision making or the achievement of goals/KPIs

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RISK ACADEMY - the risk management portal. Free risk management video courses and templates for large non-financial companies, as well as small and medium-sized-sized businesses. The information provided would also be useful for students and academics.

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